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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark one)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                   to                  
Commission file number 001-38621
PCB BANCORP
(Exact name of registrant as specified in its charter)
California20-8856755
(State or other jurisdiction of incorporation or organization)(IRS Employer Identification No.)
3701 Wilshire Boulevard, Suite 900, Los Angeles, California 90010
(Address of principal executive offices) (Zip Code)
(213) 210-2000
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, no par valuePCBNasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
(Do not check if a smaller reporting company)Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.) Yes No
As of October 29, 2021, the registrant had outstanding 14,841,626 shares of common stock.



PCB Bancorp and Subsidiary
Quarterly Report on Form 10-Q
September 30, 2021
Table of Contents
Part I - Financial Information
Item 1.
Item 2.
Item 3.
Item 4.
Part II - Other Information
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.


2


Forward-looking Statements
This Quarterly Report on Form 10-Q contains forward-looking statements which reflect current views of PCB Bancorp, formerly known as Pacific City Financial Corporation, (collectively, with its consolidated subsidiary, the “Company,” “we,” “us” or “our”) with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “might,” “should,” “could,” “predict,” “potential,” “believe,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “goal,” “target,” “aim,” “would,” and “annualized” and “outlook,” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.
A number of important factors could cause our actual results to differ materially from those indicated in these forward-looking statements, but are not limited to, the following:
business and economic conditions, particularly those affecting the financial services industry and our primary market areas and arising from current COVID-19 pandemic and governmental and societal responses thereto;
our ability to successfully manage our credit risk and the sufficiency of our allowance for loan loss;
factors that can impact the performance of our loan portfolio, including real estate values and liquidity in our primary market areas, the financial health of our commercial borrowers and the success of construction projects that we finance and our borrowers' actual payment performance as loan deferrals related to the COVID-19 pandemic expire;
governmental monetary and fiscal policies, and changes in market interest rates;
compliance with governmental and regulatory requirements, including the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act of 2020 (the “Economic Aid Act”), the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), the Economic Growth, Regulatory Relief and Consumer Protection Act (the “Economic Growth Act”) and others relating to banking, consumer protection, securities and tax matters including, but not limited to the potential adverse impact of loan modifications and payment deferrals implemented consistent with recent regulatory guidance;
the significant portion of our loan portfolio that is comprised of real estate loans;
our ability to attract and retain Korean-American customers;
our ability to identify and address cyber-security risks, fraud and systems errors;
our ability to effectively execute our strategic plan and manage our growth;
changes in our senior management team and our ability to attract, motivate and retain qualified personnel;
cyber-attacks, ransomware attacks, computer viruses or other malware that may breach the security of our websites or other systems to obtain unauthorized access to confidential information, destroy data, disable or degrade service, or sabotage our systems;
liquidity issues, including fluctuations in the fair value and liquidity of the securities we hold for sale and our ability to raise additional capital, if necessary;
costs and obligations associated with operating as a public company;
the effects of competition from a wide variety of local, regional, national and other providers of financial, investment and insurance services;
the effects of severe weather, natural disasters, acts of war or terrorism, health epidemics or pandemics (or expectations about them) and other external events on our business;
the impact of any claims or legal actions to which we may be subject, including any effect on our reputation; and
changes in federal tax law or policy.

3


The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements and the risks described under “Part I. Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2020 and our other documents filed with the United States (“U.S.”) Securities Exchange Commission (“SEC”). Because of these risks and other uncertainties, our actual future results, performance or achievement, or industry results, may be materially different from the results indicated by the forward looking statements in this report. In addition, our past results of operations are not necessarily indicative of our future results. You should not rely on any forward looking statements, which represent our beliefs, assumptions and estimates only as of the dates on which they were made, as predictions of future events. Any forward-looking statement speaks only as of the date on which it is initially made, and we do not undertake any obligation to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.
4


Part I - Financial Information
Item 1 - Consolidated Financial Statements

PCB Bancorp and Subsidiary
Consolidated Balance Sheets
($ in thousands, except share data)
September 30, 2021December 31, 2020
(Unaudited)
Assets
Cash and due from banks
$19,688 $19,605 
Interest-bearing deposits in other financial institutions
195,285 174,493 
Total cash and cash equivalents
214,973 194,098 
Securities available-for-sale, at fair value
133,102 120,527 
Loans held-for-sale
29,020 1,979 
Loans held-for-investment, net of deferred loan costs (fees)
1,707,878 1,583,578 
Allowance for loan losses
(23,807)(26,510)
Net loans held-for-investment
1,684,071 1,557,068 
Premises and equipment, net
3,306 4,048 
Federal Home Loan Bank and other restricted stock, at cost
8,577 8,447 
Other real estate owned, net
 1,401 
Deferred tax assets, net
7,519 8,120 
Servicing assets
7,009 6,400 
Operating lease assets
7,164 7,616 
Accrued interest receivable
5,494 9,334 
Other assets
4,464 3,815 
Total assets
$2,104,699 $1,922,853 
Liabilities and Shareholders’ Equity
Deposits:
Noninterest-bearing demand
$832,240 $538,009 
Savings, NOW and money market accounts
410,092 408,826 
Time deposits of $250,000 or less
327,207 379,333 
Time deposits of more than $250,000
263,127 268,683 
Total deposits
1,832,666 1,594,851 
Federal Home Loan Bank advances
10,000 80,000 
Operating lease liabilities
7,862 8,455 
Accrued interest payable and other liabilities
6,573 5,759 
Total liabilities
1,857,101 1,689,065 
Commitments and contingencies
Preferred stock, 10,000,000 shares authorized, no par value, no issued and outstanding shares
  
Common stock, 60,000,000 shares authorized, no par value; 14,841,626 and 15,385,878 shares issued and outstanding, respectively, and included 55,284 and 30,300 shares of unvested restricted stock, respectively, at September 30, 2021 and December 31, 2020
154,618 164,140 
Retained earnings
92,248 67,692 
Accumulated other comprehensive income, net732 1,956 
Total shareholders’ equity
247,598 233,788 
Total liabilities and shareholders’ equity
$2,104,699 $1,922,853 
See Accompanying Notes to Consolidated Financial Statements (Unaudited)
5


PCB Bancorp and Subsidiary
Consolidated Statements of Income (Unaudited)
($ in thousands, except share and per share data)
Three Months Ended September 30,
Nine Months Ended September 30,
2021202020212020
Interest and dividend income:
Loans, including fees$20,537 $18,938 $58,792 $57,617 
Tax-exempt investment securities36 37 109 113 
Taxable investment securities401 478 1,063 1,585 
Other interest-earning assets194 167 513 938 
Total interest income
21,168 19,620 60,477 60,253 
Interest expense:
Deposits885 2,599 3,196 11,000 
Other borrowings56 168 239 471 
Total interest expense
941 2,767 3,435 11,471 
Net interest income
20,227 16,853 57,042 48,782 
Provision (reversal) for loan losses(1,053)4,326 (3,134)11,077 
Net interest income after provision (reversal) for loan losses21,280 12,527 60,176 37,705 
Noninterest income:
Service charges and fees on deposits
292 280 887 945 
Loan servicing income
655 856 2,082 2,312 
Gain on sale of loans
4,269 821 9,558 3,044 
Other income
372 315 1,069 915 
Total noninterest income
5,588 2,272 13,596 7,216 
Noninterest expense:
Salaries and employee benefits
7,606 6,438 20,913 18,750 
Occupancy and equipment
1,399 1,416 4,158 4,196 
Professional fees
422 325 1,574 1,631 
Marketing and business promotion
416 193 1,070 920 
Data processing
391 373 1,164 1,097 
Director fees and expenses
144 125 433 453 
Regulatory assessments
12 267 399 728 
Other expenses
842 749 2,329 2,374 
Total noninterest expense
11,232 9,886 32,040 30,149 
Income before income taxes
15,636 4,913 41,732 14,772 
Income tax expense
4,613 1,464 12,305 4,384 
Net income
$11,023 $3,449 $29,427 $10,388 
Earnings per common share, basic
$0.74 $0.22 $1.94 $0.67 
Earnings per common share, diluted
$0.73 $0.22 $1.92 $0.67 
Weighted-average common shares outstanding, basic
14,779,707 15,343,888 15,090,989 15,395,475 
Weighted-average common shares outstanding, diluted
15,031,558 15,377,531 15,298,065 15,466,207 
See Accompanying Notes to Consolidated Financial Statements (Unaudited)
6


PCB Bancorp and Subsidiary
Consolidated Statements of Comprehensive Income (Unaudited)
($ in thousands)
Three Months Ended September 30,
Nine Months Ended September 30,
2021202020212020
Net income$11,023 $3,449 $29,427 $10,388 
Other comprehensive income (loss):
Unrealized gain (loss) on securities available-for-sale arising during the period(581)(9)(1,734)2,045 
Unrealized gain arising from the reclassification of securities held-to-maturity to securities available-for-sale   787 
Income tax benefit (expense) related to items of other comprehensive income (loss)170 3 510 (839)
Total other comprehensive income (loss), net of tax(411)(6)(1,224)1,993 
Total comprehensive income$10,612 $3,443 $28,203 $12,381 
See Accompanying Notes to Consolidated Financial Statements (Unaudited)
7


PCB Bancorp and Subsidiary
Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)
($ in thousands, except share and per share data)
Shareholders Equity
Common Stock
Outstanding Shares
Common StockRetained EarningsAccumulated Other Comprehensive Income (Loss)Total
Balance at July 1, 202015,377,935 $163,759 $61,532 $1,942 $227,233 
Comprehensive income (loss)
Net income
— — 3,449 — 3,449 
Other comprehensive loss, net of tax— — — (6)(6)
Issuance of restricted stock900 — — — — 
Restricted stock surrendered due to employee tax liability(165)(2)— — (2)
Share-based compensation expense
— 200 — — 200 
Stock options exercised
868 3 — — 3 
Cash dividends declared on common stock ($0.10 per share)
— — (1,538)— (1,538)
Balance at September 30, 202015,379,538 $163,960 $63,443 $1,936 $229,339 
Balance at July 1, 202114,854,315 $154,796 $83,002 $1,143 $238,941 
Comprehensive income (loss)
Net income
— — 11,023 — 11,023 
Other comprehensive loss, net of tax— — — (411)(411)
Issuance of restricted stock1,800 — — — — 
Forfeiture of restricted stock(300)— — — — 
Restricted stock surrendered due to employee tax liability(231)(4)— — (4)
Repurchase of common stock(33,935)(543)— — (543)
Share-based compensation expense
— 116 — — 116 
Stock options exercised
19,977 253 — — 253 
Cash dividends declared on common stock ($0.12 per share)
— — (1,777)— (1,777)
Balance at September 30, 202114,841,626 $154,618 $92,248 $732 $247,598 
See Accompanying Notes to Consolidated Financial Statements (Unaudited)

8


PCB Bancorp and Subsidiary
Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)
($ in thousands, except share and per share data)
Shareholders Equity
Common Stock
Outstanding Shares
Common StockRetained EarningsAccumulated Other Comprehensive Income (Loss)Total
Balance at January 1, 202015,707,016 $169,221 $57,670 $(57)$226,834 
Comprehensive income
Net income
— — 10,388 — 10,388 
Other comprehensive income, net of tax
— — — 1,993 1,993 
Issuance of restricted stock1,900 — — — — 
Restricted stock surrendered due to employee tax liability(165)(2)— — (2)
Repurchase of common stock
(428,474)(6,487)— — (6,487)
Share-based compensation expense
— 592 — — 592 
Stock options exercised
99,261 636 — — 636 
Cash dividends declared on common stock ($0.30 per share)
— — (4,615)— (4,615)
Balance at September 30, 202015,379,538 $163,960 $63,443 $1,936 $229,339 
Balance at January 1, 202115,385,878 $164,140 $67,692 $1,956 $233,788 
Comprehensive income (loss)
Net income
— — 29,427 — 29,427 
Other comprehensive loss, net of tax— — — (1,224)(1,224)
Issuance of restricted stock35,584 — — — — 
Forfeiture of restricted stock(1,300)— — — — 
Restricted stock surrendered due to employee tax liability(231)(4)— — (4)
Repurchase of common stock(680,269)(10,876)— — (10,876)
Share-based compensation expense
— 323 — — 323 
Stock options exercised
101,964 1,035 — — 1,035 
Cash dividends declared on common stock ($0.32 per share)
— — (4,871)— (4,871)
Balance at September 30, 202114,841,626 $154,618 $92,248 $732 $247,598 
See Accompanying Notes to Consolidated Financial Statements (Unaudited)
9


PCB Bancorp and Subsidiary
Consolidated Statements of Cash Flows (Unaudited)
($ in thousands)
Nine Months Ended September 30,
20212020
Cash flows from operating activities
Net income$29,427 $10,388 
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation of premises and equipment1,053 1,118 
Net amortization of premiums on securities811 656 
Net accretion of discounts on loans(2,689)(2,301)
Net accretion of deferred loan fees(4,662)(1,988)
Amortization of servicing assets1,496 1,385 
Provision (reversal) for loan losses(3,134)11,077 
Deferred tax expense (benefit)1,111 (3,005)
Stock-based compensation323 592 
Gain on sale of loans(9,558)(3,044)
Originations of loans held-for-sale(126,774)(100,507)
Proceeds from sales of and principal collected on loans held-for-sale109,409 75,389 
Change in accrued interest receivable and other assets3,191 (4,911)
Change in accrued interest payable and other liabilities(319)(3,944)
Net cash used in operating activities(315)(19,095)
Cash flows from investing activities
Purchase of securities available-for-sale(47,306)(36,640)
Proceeds from maturities and paydowns of securities available-for-sale32,186 26,245 
Proceeds from maturities and paydowns of securities held-to-maturity 1,309 
Proceeds from sale of loans held-for-sale previously classified as held-for-investment5,355 664 
Net change in loans held-for-investment(123,698)(129,337)
Purchase of loans held-for-investment(1,439) 
Purchase of Federal Home Loan Bank stock(130)(102)
Proceeds from sale of other real estate owned3,434 2,490 
Purchases of premises and equipment(315)(1,714)
Net cash used in investing activities(131,913)(137,085)
Cash flows from financing activities
Net change in deposits237,815 167,800 
Proceeds from long-term Federal Home Loan Bank advances 140,000 
Repayment of long-term Federal Home Loan Bank advances(70,000)(30,000)
Stock options exercised1,035 636 
Repurchase of common stock(10,876)(6,487)
Cash dividends paid on common stock(4,871)(4,615)
Net cash provided by financing activities153,103 267,334 
Net increase (decrease) in cash and cash equivalents20,875 111,154 
Cash and cash equivalents at beginning of period194,098 146,228 
Cash and cash equivalents at end of period$214,973 $257,382 
See Accompanying Notes to Consolidated Financial Statements (Unaudited)
10


PCB Bancorp and Subsidiary
Consolidated Statements of Cash Flows, Continued (Unaudited)
(in thousands)
Nine Months Ended September 30,
20212020
Supplemental disclosures of cash flow information:
Interest paid
$4,916 $14,849 
Income taxes paid
9,027 6,621 
Supplemental disclosures of non-cash investment activities:
Loans transferred to loans held-for-sale
$5,351 $1,355 
Loans transferred to other real estate owned
905 2,544 
Reclassification of securities held-to-maturity to securities available-for-sale
 18,777 
Right of use assets obtained in exchange for lease obligations
1,247 105 
See Accompanying Notes to Consolidated Financial Statements (Unaudited)

11


PCB Bancorp and Subsidiary
Notes to Consolidated Financial Statements (Unaudited)
Note 1 - Basis of Presentation and Significant Accounting Policies
Nature of Operations
PCB Bancorp is a bank holding company whose subsidiary is Pacific City Bank (the “Bank”). The Bank is a single operating segment that operates 11 full-service branches in Los Angeles and Orange counties, California, one full-service branch in each of Englewood Cliffs, New Jersey and Bayside, New York, and 10 loan production offices (“LPOs”) in Irvine, Artesia and Los Angeles, California; Annandale, Virginia; Atlanta, Georgia; Chicago, Illinois; Bellevue, Washington; Aurora, Colorado; Carrollton, Texas; and New York, New York. The Bank offers a broad range of loans, deposits, and other products and services predominantly to small and middle market businesses and individuals.
Basis of Presentation
The accompanying unaudited interim consolidated financial statements have been prepared pursuant to Article 10 of SEC Regulation S-X and other SEC rules and regulations for reporting on the Quarterly Report on Form 10-Q. Accordingly, certain disclosures required by U.S. generally accepted accounting principles (“GAAP”) are not included herein. These interim statements should be read in conjunction with the audited consolidated financial statements and notes included in the Annual Report on Form 10-K for the year ended December 31, 2020 filed by the Company with the SEC. The December 31, 2020 balance sheet presented herein has been derived from the audited financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC, but does not include all of the disclosures required by GAAP for complete financial statements.
In the opinion of management of the Company, the accompanying unaudited interim consolidated financial statements reflect all of the adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the consolidated financial condition and consolidated results of operations as of the dates and for the periods presented. Certain reclassifications have been made in the prior period financial statements to conform to the current period presentation. The results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021.
Principles of Consolidation
The consolidated financial statements include the accounts of PCB Bancorp and its wholly owned subsidiary as of September 30, 2021 and December 31, 2020, and for the three and nine months ended September 30, 2021 and 2020. Significant inter-company accounts and transactions have been eliminated in consolidation. Unless the context requires otherwise, all references to the Company include its wholly owned subsidiary.
Significant Accounting Policies
The accounting and reporting policies of the Company are based upon GAAP and conform to predominant practices within the banking industry. The Company has not made any significant changes in its critical accounting policies from those disclosed in its Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC.
Use of Estimates in the Preparation of Financial Statements
The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. These estimates are subject to change and such change could have a material effect on the consolidated financial statements. Actual results may differ from those estimates.
Reclassification of Securities Held-To-Maturity to Securities Available-For-Sale
On June 30, 2020, the Company transferred securities held-to-maturity to securities available-for-sale as a part of the Company’s liquidity management plan in response to the COVID-19 pandemic. Management determined that its securities held-to-maturity no longer adhere to the Company’s current liquidity management plan and could be sold to potentially improve the Company’s liquidity position. Accordingly, the Company was no longer able to assert that it had the intent to hold these securities until maturity and the Company’s ability to assert that it has the intent and ability to hold to maturity debt securities will be limited for up to two years from the date of transfer. The Company transferred all securities held-to-maturity of $18.8 million to securities available-for-sale, which resulted in a pre-tax increase to accumulated other comprehensive income of $787 thousand.
12


Loan Modifications Related to the COVID-19 Pandemic
As a part of the CARES Act, the temporary relief from troubled debt restructurings (“TDRs”) provided an option for financial institutions to suspend the GAAP requirements and regulatory determinations for loan modifications related to the COVID-19 pandemic that would otherwise be categorized as a TDR from March 1, 2020, through the earlier of 60 days after the date of the COVID-19 National Emergency comes to an end or December 31, 2020, if the loan was not more than 30 days past due as of December 31, 2019.
On April 7, 2020, the federal banking regulators also issued the Interagency Statement to encourage banks to work prudently with borrowers and describe the banking regulators’ interpretation of how accounting rules for TDR apply to certain modifications related to the COVID-19 pandemic.
On December 27, 2020, the Economic Aid Act was signed into law, which extended the applicable period of the temporary relief from TDRs under the CARES Act to the earlier of 60 days after the date of the COVID-19 National Emergency comes to an end or January 1, 2022.
As of September 30, 2021 and December 31, 2020, total loans under modified terms related to the COVID-19 pandemic were none and $36.1 million, respectively. All loans under modified terms related to the COVID-19 pandemic were accounted for under section 4013 of the CARES Act and not considered TDRs. All types of modifications had initial modification terms of 6-months or less and loans that were granted modifications related to the COVID-19 pandemic in excess of 6 months, on a cumulative basis, were classified as special mention or substandard. In addition, all loans under modified terms related to the COVID-19 pandemic were current and on accrual status as of December 31, 2020; however, all of these loans were monitored on an ongoing basis in accordance with each loan’s covenants and conditions for potential downgrade or change in accrual status.
Small Business Administration Paycheck Protection Program
The Small Business Administration (“SBA”) launched the Paycheck Protection Program (“PPP”) to provide a direct incentive for small businesses to keep their workers on the payroll in response to the COVID-19 pandemic. The SBA guarantees 100% of the PPP loans made to eligible borrowers, and the loans are eligible to be forgiven if certain conditions are met, at which point the SBA will make payments to the Bank for the forgiven amounts. These loans are included in the commercial and industrial loans portfolio and have an interest rate of 1%. The substantial majority of the SBA PPP loans funded in 2020 in the Company’s portfolio have a maturity of two years. On January 13, 2021, the SBA began accepting applications for second draw PPP loans. During the nine months ended September 30, 2021, the Company had funded 1,153 SBA PPP loans totaling $107.0 million, net of unamortized deferred fees and costs. SBA PPP loans funded in 2021 have a maturity of five years.
As of September 30, 2021, the Company had 800 SBA PPP loans totaling $101.9 million, net of unamortized deferred fees and costs, and recognized $145.4 million in forgiveness for 1,992 SBA PPP loans. The Company defers loan origination fees on SBA PPP loans and amortizes these deferred fees and costs without prepayment assumption using the contractual lives of SBA PPP loans.
The SBA guarantee on PPP loans cannot be separated from the loan and therefore is not a separate unit of account. The Company considered the SBA guarantee in the allowance for loan losses evaluation and determined that it is not required to reserve an allowance on SBA PPP loans at September 30, 2021 and December 31, 2020.
Adopted Accounting Pronouncements
During the nine months ended September 30, 2021, there were no significant accounting pronouncements applicable to the Company that became effective.
Recent Accounting Pronouncements Not Yet Adopted
The following is recently issued accounting pronouncements applicable to the Company that has not yet been adopted:
In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, “Financial Instruments-Credit Losses (Topic 326).” The amendments in this ASU require that entities change the impairment model for most financial assets that are measured at amortized cost and certain other instruments from an incurred loss model to an expected loss model. Under this model, entities will estimate credit losses over the entire contractual term of the instrument from the date of initial recognition of that instrument. It includes financial assets such as loan receivables, held-to-maturity debt securities, net investment in leases that are not accounted for at fair value through net income, and certain off-balance sheet credit exposures. This ASU was effective for public business entities that are SEC filers for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. In 2019, the FASB amended this ASU, which delays the effective date to 2023 for certain SEC filers that are Smaller Reporting Companies, which would apply to the Company. The Company plans to adopt this ASU at the delayed effective date of January 1, 2023.
13


Note 2 - Fair Value Measurements
Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures, defines fair value, establishes a framework for measuring fair value including a three-level valuation hierarchy, and expands disclosures about fair value measurements. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (i.e. an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The three-level fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs that may be used to measure fair value are defined as follows:
Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.
Level 2: Significant observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.
Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.
Fair value is measured on a recurring basis for certain assets and liabilities in which fair value is the primary basis of accounting. Additionally, fair value is used on a non-recurring basis to evaluate certain assets or liabilities for impairment or for disclosure purposes. Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company records securities available-for-sale at fair value on a recurring basis. Certain other assets, such as loans held-for-sale, impaired loans, servicing assets and other real estate owned (“OREO”) are recorded at fair value on a non-recurring basis. Non-recurring fair value measurements typically involve assets that are periodically evaluated for impairment and for which any impairment is recorded in the period in which the re-measurement is performed. The following is a description of valuation methodologies used for assets and liabilities recorded at fair value:
Investment securities: The fair values of securities available-for-sale are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1) or matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted prices for specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2). Management reviews the valuation techniques and assumptions used by the provider and determines that the provider uses widely accepted valuation techniques based on observable market inputs appropriate for the type of security being measured. Securities held-to-maturity are not measured at fair value on a recurring basis.
Loans held-for-sale: The Company records SBA loans held-for-sale, residential property loans held-for-sale and certain non-residential real estate loans held-for-sale at the lower of cost or fair value, on an aggregate basis. The Company obtains fair values from a third party independent valuation service provider. Loans held-for-sale accounted for at the lower of cost or fair value are considered to be recognized at fair value when they are recorded at below cost, on an aggregate basis, and are classified as Level 2.
Impaired loans: Certain collateral-dependent impaired loans are recognized at fair value when they reflect partial write-downs, through charge-offs or specific reserve allowances, that are based on the current appraised or market-quoted value of the underlying collateral. In some cases, the properties for which market quotes or appraised values have been obtained are located in areas where comparable sales data is limited, outdated, or unavailable. Fair value estimates for collateral-dependent impaired loans are obtained from real estate brokers or other third-party consultants, and are classified as Level 3.
Other real estate owned: The Company initially records OREO at fair value at the time of foreclosure. Thereafter, OREO is recorded at the lower of cost or fair value based on their subsequent changes in fair value. The fair value of OREO is generally based on recent real estate appraisals adjusted for estimated selling costs. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Such adjustments may be significant and result in a Level 3 classification due to the unobservable inputs used for determining fair value. Only OREO with a valuation allowance are considered to be carried at fair value.
Servicing Assets: Servicing assets represent the value associated with servicing loans that have been sold. The fair value for servicing assets is determined through discounted cash flow analysis and utilizes discount rates and prepayment speed assumptions as inputs. All of these assumptions require a significant degree of management estimation and judgment. The fair market valuation is performed on a quarterly basis for servicing assets. Servicing assets are accounted for at the lower of cost or market value and considered to be recognized at fair value when they are recorded at below cost and are classified as Level 3.
14


Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis as of dates indicated:
Fair Value Measurement Level
($ in thousands)
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Total
September 30, 2021
Securities available-for-sale:
U.S. government agency and U.S. government sponsored enterprise securities:
Residential mortgage-backed securities
$ $91,485 $ $91,485 
Residential collateralized mortgage obligations
 21,198  21,198 
SBA loan pool securities
 9,667  9,667 
Municipal bonds
 5,708  5,708 
Corporate bonds 5,044  5,044 
Total securities available-for-sale
 133,102  133,102 
Total assets measured at fair value on a recurring basis
$ $133,102 $ $133,102 
Total liabilities measured at fair value on a recurring basis
$ $ $ $ 
December 31, 2020
Securities available-for-sale:
U.S. government agency and U.S. government sponsored enterprise securities:
Residential mortgage-backed securities
$ $76,154 $ $76,154 
Residential collateralized mortgage obligations